Integration streamlines business financing options for franchising.
FranConnect has taken yet another step in offering franchisors cutting-edge tools and services by partnering up with BoeFly, a leading business financing marketplace that makes it a breeze for prospective franchisees to determine their financial positions and obtain much-needed capital.
From franchisee data collection to marketing automation, FranConnect focuses on simplifying operations and outreach for more than 600 franchise brands that comprise over 110,000 franchisee locations. Now, together with BoeFly, FranConnect is able to provide its users with additional vital information.
“The goal of our company has always been to make successful franchising easier,” said Keith Gerson, president of global operations at FranConnect. “It only makes sense to partner up with BoeFly, which has played an essential role in helping individuals enter into franchising relationships with the right financial standing.”
Mike Rozman, co-president and chief strategy officer of BoeFly, explained why the two companies are a good fit.
“Our online marketplace best positions a business owner to seek and secure financing,” Rozman said. “We have more than 5,000 lenders from around the country who use BoeFly to find small business borrowers - a large concentration in the franchise market.”
BoeFly is also dedicated to helping potential franchisees better understand their economic circumstances while still in the discovery phase, through the use of bQualTM, which provides individuals with vital financial details, such as their business credit score (SBSS by FICO) required by the Small Business Administration and a consumer credit score, in addition to a fundability report assessing their loan prospects.
“When franchisees have the same data that banks will use to judge them right up front, then they’re positioned to succeed,” Rozman said.
The tool was built so FranConnect users can view bQualTM results, helping them gain a better understanding of a franchisee candidate’s true potential.
“This ensures a faster opening and quickly allows the franchisor to eliminate financially unqualified candidates, sooner freeing up time to work with more qualified prospects,” said Gerson.
Just as important, according to Rozman, is how the tool will help prospective franchisees continue on the path to brand partnership.
“We’re helping the franchisor by giving a tool to their candidate, to get more comfortable and ultimately move forward with the brand,” he said. “Great franchise development sales people excel at delivering the candidate information to address any open fears, uncertainties or doubts, and there are fewer fears more pressing than financing. bQualTM hits that head on, giving candidates the same info banks are going to use to judge them.”
Through the strategic partnership between FranConnect and BoeFly, franchisors and franchisees will gain access to new tools designed to help them evolve their businesses, including assistance with choosing the best-positioned candidates to become brand ambassadors and obtaining financing to open up a franchise location.